- The key vendors in the global formic acid market 2015-2019 are BASF SE, Feicheng Acid Chemicals Co. Ltd., Gujarat Narmada Valley Fertilizers Co. Ltd., HELM Italia SRL, Perstorp, and Taminco
London, 1 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global formic acid market 2015-2019. Increasing formic acid applicability in fuel cells is a critical trend observed in this market. Formic acid is used in fuel cells as it is easier and safer to store, compared to hydrogen. The conversion process involving formic acid is relatively non-toxic, non-flammable, and non-corrosive. Formic acid also helps to prevent contamination of the platinum catalysts, which functions as an anode in fuel cells. The global formic acid market is expected to grow at a CAGR of 5.63% during the forecast period of 2014-2019.
The rapid expansion of the end-use segments is the primary reason behind growth in this market. Formic acid has disinfectant properties and is expected to replace inorganic chemicals like sodium hypochlorite and chlorine dioxide. Change in consumer preference towards environmental friendly chemicals is leading to the rapid adoption of eco-friendly formic acid. Formic acid also finds application in the leather industry, where it is used for tanning and dyeing purposes.
“Formic acid helps in the efficient removal of lime-scale coating and acts as a potent biocidal agent. A lower concentration of formic acid is capable of producing the same effect as the other acids, thereby reducing the cost of raw materials,” says Faisal Ghaus, Vice President of Technavio Research.
“Regulations on the use of conventional chemical disinfectants and biocides such as acetic acid and phosphoric acid will reduce switching costs and lead to an increased use of formic acid in cleaning applications.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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